Annual report pursuant to Section 13 and 15(d)

COMMON STOCK (Tables)

v3.23.1
COMMON STOCK (Tables)
 12 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of shares reserved fro future issuance under the ESPP
The Company has reserved shares of common stock for future issuance under its ESPP as follows (in thousands):
March 31,
2023 2022
Shares available for issuance at beginning of period 688  1,077 
Shares issued during the period (600) (389)
   Total shares available for future issuance at end of period 88  688 
Schedule of valuation assumptions
The weighted-average grant date fair value and the assumptions used in calculating fair values of shares forecasted to be issued pursuant to the Company's ESPP are as follows:
Year Ended March 31,
2023 2022 2021
Expected life 0.5 years 0.5 years 0.5 years
Volatility
96%
51% - 57%
55% - 133%
Risk-free interest rate
3.10%
0.06% - 0.23%
0.05% - 0.11%
Dividend yield —% —% —%
Fair value of common stock
$1.85
$4.60 - $6.40
$4.99 - $8.05
Assumptions used in the Monte Carlo model to calculate fair values of market PSU’s during each fiscal period are as follows:
Weighted-Average 2023 2022 2021
Discount period (years) 3.00 2.98 2.54
Risk-free interest rate 2.84% 0.93% 0.31%
Stock price volatility 80.00% 75.00% 82.00%
Grant date fair value $1.17 $5.40 $3.77
Summary of activity for PSUs
The following table summarizes activity for Market PSUs and Performance PSUs for the year ended March 31, 2023 (shares in thousands):
Shares Weighted-Average
Grant Date Fair Value per Share
Outstanding as of March 31, 2022 1,579  $ 4.58 
Granted 1,357  $ 1.33 
Vested (555) $ 5.07 
Forfeited or cancelled (768) $ 2.41 
Outstanding as of March 31, 2023 1,613  $ 2.72 
Summary of activity relating to restricted stock
The following table summarizes activity for restricted stock units for the year ended March 31, 2023 (shares in thousands):
Shares Weighted-Average
Grant Date Fair Value per Share
Outstanding as of March 31, 2022 3,856  $ 5.46 
Granted 2,920  $ 1.43 
Vested (1,625) $ 5.32 
Forfeited or cancelled (657) $ 4.13 
Outstanding as of March 31, 2023 4,494  $ 3.09 
Summary of share-based compensation expense
The following table details the Company's stock-based compensation expense, net of forfeitures (in thousands):
Year Ended March 31,
2023 2022 2021
Cost of revenue $ 929  $ 1,112  $ 672 
Research and development 2,997  5,843  2,881 
Sales and marketing 2,397  2,516  1,757 
General and administrative 4,427  4,358  4,314 
Total stock-based compensation $ 10,750  $ 13,829  $ 9,624 
Year Ended March 31,
2023 2022 2021
Restricted stock units $ 9,299  $ 9,331  $ 4,041 
Performance share units 878  3,811  4,904 
Employee stock purchase plan 573  687  679 
Total stock-based compensation $ 10,750  $ 13,829  $ 9,624